Västra Hamnen Corp. Finance

• Lower demand in Aarhus and Odense
• Swedish operations close to breaking even
• We lower our fair share estimate to DKK 9.58 per share

Movinn’s Q2 report was in line with previous quarters, where the company showcases revenue growth but struggles with the bottom-line metrics. The operations in Sweden almost broke even in June 2023 and after the end of Q2 the company signed a lease agreement of 94 units in Copenhagen. The operational underperformance in recent quarters, which led to a downward revision of the company’s financial guidance, has prompted us to adjust our model resulting in a lower valuation for the company of DKK 9.58 per share.

The full report is available here.